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NDTV shares shed 7%; hit one-year low on CBI searches

Pranoy Roy, Chairman, NDTV, in New Delhi. File Photo

Pranoy Roy, Chairman, NDTV, in New Delhi. File Photo   | Photo Credit: Shanker Chakravarty

Shares of NDTV on Monday slumped nearly 7 % after the CBI searched the residence of its founder Prannoy Roy here and three other locations for allegedly causing losses to a private bank.

The stock tanked 6.74 % to ₹ 58.10 - its 52-week low — on BSE.

At NSE, shares of the company dived 6.88 % to hit a one—year low of Rs 58.15.

The agency has registered a case against Roy, wife Radhika and RRPR Holdings for allegedly causing losses of ₹48 crore to ICICI Bank, CBI sources said.

NDTV has termed the exercise a “witch-hunt” based on false accusations.

“This morning, the CBI stepped up the concerted harassment of NDTV and its promoters based on the same old endless false accusations,” NDTV said in a statement.

It said NDTV and its promoters would fight tirelessly against this witch-hunt by multiple agencies.

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Printable version | Feb 25, 2020 10:38:25 PM | https://www.thehindu.com/business/ndtv-shares-shed-7-hit-one-year-low-on-cbi-searches/article18722652.ece

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